After toiling in the workplace for decades, it seems natural to expect financial security in your golden years. But not everyone can look forward to a cushy retirement. Relative to previous generations, many of you are working more years only to grow further from financial freedom. Last year, 23-percent of workers expected to retire at age 65, but only 11-percent actually were able to, according to the Employee Benefit Research Institute’s latest Retirement Confidence Survey.
Why do so many people postpone retirement? Many blame the economy. Others point to “inadequate finances” as the other primary hurdle to retiring on schedule. For 51-percent of workers and 31-percent of retirees, debt levels keep them on their hamster wheels.
It’s no wonder a fourth of American workers approaching retirement age haven’t socked away any cash. Among the employed participants in the survey, half cited cost of living and daily expenses as impediments to saving for retirement. So if simply making ends meet prevents workers from growing a nest egg for the future, what other options provide a pathway to a comfortable retirement? We suggest relocating to an area where you can stretch your dollar without sacrificing your lifestyle.
To help you navigate your options, WalletHub compared the retirement-friendliness of the 150 largest U.S. cities across 24 key metrics. Our data set ranges from the cost of living to the percentage of the older population to the availability of recreational activities. You can find the results, additional expert commentary and a detailed methodology below.